Empowering Property Management

By on Jul 19, 2023 in Technology

Artificial Intelligence was an important focus at the 2023 Apartmentalize conference. Utilizing AI will empower property management companies, but what is the difference between AI in operations? Augmented versus generative AI is used differently for specific tasks for property management. Let’s explore a synergistic approach that combines augmented and generative AI for enhanced customer experiences and drives operational efficiencies.

Generative AI chatbot empowering property manager

Revolutionize property management with generative AI that emphasizes creative output in marketing efforts, including realistic property visualizations, creating virtual tours or personalized marketing content.

For example, Fidelity vice president Sarah Hoffman recently spoke about how generative AI will improve efficiencies and creativity: “Generative AI can definitely take efficiency to the next level.”

In contrast, augmented AI focuses on automation and data. The collaboration of both AIs can optimize property management workflows, reduce costs and improve productivity.

Use AI in property management for leasing, lead nurturing and training employees. Generative AI can streamline resident communications and maintenance requests.  

ChatBots are being used at every turn for customer service and can also assist with leasing new residents. Most can even understand slang or misspelled words. A ChatBot will also help with lead nurturing by creating a heatmap so management can see what areas of the website prospects spend the most time on. ChatBots can answer more questions for maintenance requests so residents can say precisely what is needed for the work order. Use generative AI for marketing to furnish a vacant unit so a prospect has a better visual. Generative AI will also help collect pre-qualifications with an improved qualification rate. Save several hours in the office but remember that AI is here to help and not create more work.

Unfortunately, with the good comes the bad. In a recent article by CNBC, generative AI is creating new cybersecurity threats. Generative AI is used to create more convincing scams with fake written content, digital content and documents. Do some research to avoid rising AI-based threats and consider an AI security tool.

AI in leasing will also help with trends in the market, revenue and balancing supply and demand. Augmented AI is used for data analysis with a human touch. Augmented AI can be used for risk mitigation–facial recognition, and security. AI-powered surveillance systems and fraud detection algorithms ensure residents’ safe environments and property assets.

Augmented AI will catch fraud early and identify potential risks or glitches. Send renewals easily and craft offers with data on market trends. Augmented AI can also help with marketing to predict demographics, location and movements. Use it for screening to allow more residents and acceptance rates.

Student housing is already implementing AI and specialized technology, such as AI-powered surveillance systems, which is the evolution of technology for the multifamily sector and the type of business that should be embraced.

“The new wave of renters are students, and students want to avoid talking to humans and prefer text, email and chats with more efficiencies,” said Connie Aldape, director of leasing centralization at Cushman and Wakefield.

Augmented and generative AI can empower property managers by automating routine tasks, providing data-driven insights and enabling continuous learning through AI-driven training and knowledge-sharing platforms. Remember, AI will give support, but it will never replace humans entirely. Having that human touch will still be essential.

Nobody can predict the future, but augmenting humans with AI will soon be a new reality.